Do fast and step by step calculation with explanation for this general accounting question Henderson Furnishings Ltd. uses a four-column bank reconciliation. The bankstatement reports June payments of $1,420, including service charges of $25.At the beginning of June, there were $110 of checks outstanding. At the end of June,there were $140 of checks outstanding.Before recording the bank service charge, Henderson Furnishings Ltd. must haverecorded June payments of:

Step 1: Define Bank ReconciliationBank Reconciliation is the process of matching a company's cash…

Answered: Henderson Furnishings Ltd. uses a…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter6: Bank Accounts, Cash Funds, And Internal Controls

Section: Chapter Questions

Problem 3E

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Similar questions

The bank reconciliation shows the following adjustments. Deposits in transit: $1,698 Notes receivable collected by bank: $2,500; interest: $145 Outstanding checks: $987 Error by bank: $436 Bank charges: $70 Prepare the correcting journal entry.
Using the following information, prepare a bank reconciliation. Bank balance: $4,587 Book balance: $5,577 Deposits in transit: $1,546 Outstanding checks: $956 Interest income: $56 NSF check: $456
Can you please solve this financial accounting problem?
Dekin Company had checks outstanding totaling $6,400 on its May bank reconciliation. In June, Dekin Company issued checks totaling $39,900. The July bank statement shows that $29,700 in checks cleared the bank in July. A check from one of Dekin Company's customers in the amount of $300 was also returned marked "NSF." The amount of outstanding checks on Dekin Company's July bank reconciliation should be which of the following? A. $19,600 B. $10,200 C. $16,600 D. $3,800
Minor Company had checks outstanding totaling $4,127 on its April bank reconciliation. In May, Minor Company issued checks totaling $41,968. The May bank statement shows that $26,955 in checks cleared the bank in May. A check from one of Minor Company's customers of $397 was also returned marked "NSF." The amount of outstanding checks on Minor Company's May bank reconciliation should be a.$68,923 b.$22,828 c.$18,743 d.$19,140
HARRIS COMPANY HAD CHECKS OUTSTANDING TOTALLING $15,400 ON ITS MAY BANK RECONCILIATION. IN JUNE, HARRIS COMPANY ISSUED CHECKS TOTALLING $64,900. THE JUNE BANK STATEMENT SHOWS THAT $47,600 IN CHECKS CLEARED THE BANK IN JUNE. A CHECK FROM ONE OF HARRIS COMPANY'S CUSTOMERS IN THE AMOUNT OF $300 WAS ALSO RETURNED MARKED "NSF." THE AMOUNT OF OUTSTANDING CHECKS ON HARRIS COMPANY'S JUNE BANK RECONCILIATION SHOULD BE A. $63,000 B. $32,700 C. $49,500 D. $47,600
Roper Electronics received its bank statement for the month of August with an ending balance of $11,775. Roper determined that Check No. 613 for $155 and Check No. 601 for $420 were both outstanding. A $6,900 deposit for August 30 was in transit as of the end of the month. Northern Regional Bank also collected $5,250 on a note receivable, which included interest of $250. The bank statement reveals a bank service charge of $20. A customer check for $68 was returned with the bank statement marked “NSF.” The ending balance of the Roper cash account is $12,938. Question Content Area a. Prepare a bank reconciliation as of August 31. Cash balance according to bank statement Add bank service chargeAdd collection feeAdd deposit in transitDeduct collection feeDeduct deposit in transit Deduct outstanding checks: No. 600No. 601No. 603No. 604No. 605 No. 611No. 612No. 613No. 614No. 615 Adjusted balance Cash balance according to Roper Electronics Add deposit in transitAdd note and…
At the end of April, Meyer Company had a $7,990 balance in its cash account, while its bank statement for April showed an ending cash balance of $7,100. The April bank statement showed $10 of interest earned by Meyer on its checking account and a $200 NSF check written by one of Meyer's customers. Meyer's records show a $800 deposit in transit and $100 of outstanding checks at the end of April. Prepare the bank reconciliation of Meyer for April.
Minor Company had checks outstanding totaling $4,889 on its April bank reconciliation. In May, Minor Company issued checks totaling $41,278. The May bank statement shows that $26,319 in checks cleared the bank in May. A check from one of Minor Company's customers of $451 was also returned marked "NSF." The amount of outstanding checks on Minor Company's May bank reconciliation should be a. $67,597 b. $21,430 c. $19,848 d. $19,397
The accountant of ABC Company is preparing a bank reconciliation statement for the month of October. The bank statement shows a balance of $9,719 while the ledger balance is $7,261. He compiles the following information: Description Check #3119 recorded at $1,830 Amount $1,380 a b NSF checks $500 EFT for insurance deducted $336 d EFT for rent collected $775 Service charge deducted Outstanding checks Deposit in transit Notes collected by bank e $15 f $4,036| g $3,402 h $1,450 Compute the adjusted bank balance for the month of October. а. $10,520 b. $9,070 с. $9,085 d. $8,749
Harris Company had checks outstanding totaling $4,883 on its May bank reconciliation. In June, Harris Company issued checks totaling $39,485. The June bank statement shows that $26,185 in checks cleared the bank in June. A check from one of Harris Company's customers of $845 was also returned marked "NSF." Determine the amount of outstanding checks on Harris Company's June bank reconciliation. Select the correct answer. $65,670 $17,338 $21,302 $18,183
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